Nvidia (NVDA) will report its Q1 FY27 earnings this week on May 20. According to TipRanks’ Options Tool, options traders expect an 8.65% move in either direction in NVDA stock in reaction to Q1 FY27 earnings. This implied move is slightly higher than Nvidia’s average post-earnings move (in absolute terms) of 3.16% over the past four quarters.
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What to Expect from Nvidia’s Q1 Results
Analysts expect the company to post earnings of $1.75 per share, up by more than 100% year-over-year. Meanwhile, revenue is expected to be around $78.82 billion, marking a growth of over 75% year-over-year.
In Nvidia’s Q1, gross margin trends and Q2 guidance are likely to matter more for the stock than just the headline earnings beat. In the previous quarter, non-GAAP gross margin rose to 75.2%, showing strong pricing power and a shift toward higher-margin AI products. In Q1, gross margin is expected to be slightly lower at 74.52%.
At the same time, China is still the most unpredictable factor in the results. Management has stopped including it in forward guidance since restrictions on H20 chips began.
Analysts Stay Bullish on NVDA Stock
Heading into earnings, several Wall Street analysts have raised their price targets on NVDA stock. Most recently, KeyBanc’s five-star-rated analyst John Vinh raised his price target on NVDA from $275 to $300, implying an upside of over 30%. He also reaffirmed his Buy rating on the stock. Vinh expects Nvidia to deliver strong results, supported by rising demand for its Blackwell GPUs. Shipments are expected to increase by 150,000 to 200,000 units each quarter, which could add about $5–$7 billion in revenue.
Vinh also expects early revenue from the new Rubin chips, estimated at $3–$4 billion. He also noted an improving supply of HBM4 memory, which is helping production capacity. Rubin GPU shipments are expected to reach 1.7–1.8 million units this year.
Meanwhile, Cantor Fitzgerald’s top-rated analyst C J Muse lifted his price target from $300 to $350 with a Buy rating. Muse stated that Nvidia is facing strong demand that continues to outpace supply, and this imbalance could last through 2026–2027. The growth is being driven by rising AI computing needs, especially from “agentic AI” systems, along with strong returns on invested capital.
However, Muse also noted that the stock’s valuation has come under pressure. This is due to concerns about increased competition, uncertainty around high-bandwidth memory (HBM) margins, and some investor skepticism despite very strong long-term growth expectations extending into 2028–2029.
Is Nvidia Stock Still a Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on Nvidia stock based on 40 Buys, one Hold, and one Sell assigned in the past three months. Furthermore, the average 12-month Nvidia price target of $280.95 per share implies 24.69% upside potential.
